CAREER: Global Capital Flows

跨越国界的投资创造了国际资本流动。这些流动有助于决定全球经济和美国经济的健康状况。经济学家已经发展出了关于这些流动的原因和影响的理论。然而，虽然“流动”一词表明这些投资是单一的协调力量，但实际上，这些投资是由个人投资者和投资机构做出的许多个人决定决定的。本项目将利用这些投资中一小部分的非常详细的证据，更好地了解国际资本流动情况。该项目还将测试有关这些全球流动对美国货币政策反应的理论，并研究这一特定类别的投资如何对接受国产生实际经济影响，并可能有助于决定汇率。这项研究将帮助我们了解美国的经济政策如何影响全球经济，以及世界各地投资者的决策如何影响美国经济。该职业补助金的教育部分将把这些研究成果纳入课堂材料以及针对全球央行行长的专业课程。因此，该项目将给我们带来新的成果，这将促进美国经济的竞争力。该项目有四个主要目标。首先，PI和他的合著者试图在这些详细和准确的测量的基础上开发全球债券市场的总结测量。其次，该团队将考虑全球资本流动如何响应一国货币政策的变化；通过检验经济理论，这项研究将为我们提供更好的证据，证明美国货币政策的变化会如何影响世界经济。第三，该项目将调查国际投资的具体构成是否有助于确定投资如何影响接受资金的国家。第四，该团队将检验有关货币头寸是否以及如何影响汇率的假设。

Investments made across national boundaries create international flows of capital. These flows help to determine the health of the global economy as well as the economy of the United States. Economists have developed theories about the causes and effects of these flows. However, while the term 'flow' suggests that these investments move a single coordinated force, in fact the investments are determined by many individual decisions made by individual investors and investing institutions. This project will use very detailed evidence on a fraction of these investments to build a better picture of international capital flows. The project will also test theories about these global flows respond to US monetary policy and examine how this specific category of investments may have real economic effects on receiving countries and may help to determine exchange rates. This research will help us understand how US economic policies affect the global economy, and how the decisions of investors around the world affect the US economy. The educational component of this CAREER grant will incorporate these research findings into classroom material as well as specialized courses aimed at central bankers around the globe. As a result, the project will give us new results that will promote the competitiveness of the US economy.The project has four main aims. First, the PI and his coauthors seek to develop summary measures of global bond markets that are based on these detailed and accurate measurements. Second, the team will consider how global capital flows respond to changes in one country's monetary policy; by testing economic theory, the research will give us better evidence for how changes in US monetary policy can affect the world economy. Third, the project will investigate whether the specific composition of international investments helps to determine how the investment affects the country receiving funds. Fourth, the team will test hypotheses about whether and how currency positions affect exchange rates.